Vehicle loan
Vehicle loan

Shriram Finance Vehicle Loan: A Comprehensive Guide

Shriram Finance, a leading financial institution in India, offers a range of vehicle loans catering to diverse customer needs. Whether you’re a first-time buyer or looking to upgrade your existing vehicle, Shriram Finance provides flexible solutions to help you acquire your dream car or commercial vehicle.

Types of Vehicle Loans Offered:

  • New Car Loan: Up to 90% financing for new cars with flexible repayment tenures and competitive interest rates.
  • Used Car Loan: Finance up to 85% of the used car’s value with loan tenures ranging from 12 to 48 months.
  • Commercial Vehicle Loan: Flexible and customized loan solutions for purchase of trucks, buses, and other commercial vehicles.

Key Loan Features:

  • Competitive interest rates: Starting at 8.95% p.a.
  • Flexible repayment tenures: Up to 60 months for new cars and 48 months for used cars.
  • High loan-to-value (LTV) ratio: Up to 90% for new cars and 85% for used cars.
  • Minimal documentation: Seamless application process with minimal paperwork.
  • Quick loan approval: Get your loan approved within 48 hours.
  • Pre-approved loans: Apply for a pre-approved loan to get instant bargaining power with dealers.
  • Top-up loans: Avail additional funds for vehicle repairs or accessories.

What is the eligibility criteria for a Shriram Finance vehicle loan?

The eligibility criteria vary depending on the type of loan and the applicant’s profile. However, some general requirements include:

  • Minimum age of 21 years
  • Regular source of income
  • Good credit score
  • Salaried or self-employed individuals can apply
  • Proof of residence and identity

What documents are required to apply for a Shriram Finance vehicle loan?

  • KYC documents (PAN card, Aadhaar card, etc.)
  • Address proof
  • Income proof (salary slips, bank statements, etc.)
  • Vehicle details (invoice, registration certificate, etc.)

Common FAQs Answered:

What is the processing fee for a Shriram Finance vehicle loan?

The processing fee varies depending on the loan amount and tenure. It typically ranges from 1% to 2% of the loan amount.

How long does it take to get my loan approved?

Shriram Finance aims to process loan applications within 48 hours of receiving complete documentation.

Can I apply for a top-up loan on my existing vehicle loan?

Yes, Shriram Finance offers top-up loans for existing vehicle loan customers to meet additional financial needs.

How can I pay my EMIs?

EMIs can be paid through various options, including online banking, debit/credit cards, ECS mandate, and auto-debit facility.

What happens if I miss an EMI?

Missing an EMI can attract penalty charges and affect your credit score. It’s essential to make timely payments to avoid any complications.

How can I prepay my vehicle loan?

Visit the official Shriram Finance website or contact their customer care for detailed information and personalized assistance.

About Dayaram Dangal

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